Extension of Student Loan Benefits; The Great Leap in Social Security Benefits

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Lawmakers turned on the air conditioner and started work this week before leaving for August holidays. On Tuesday, after months of bipartisan negotiations, the Senate finally passed the $ 1.2 trillion infrastructure bill. A day later, in a direct party vote, House Democrats proposed a plan for what could be America’s largest spending package in history. President Biden was also busy before the vacation. After extending the federal eviction ban last week, his administration extended the break in student loan payments until early 2022. What does all this mean for your wallet? Read on to find out as well as the latest news on increases in Social Security benefits, NFT taxes and more.

Capital Bills on Capitol Hill

The Senate finally passed Biden’s massive infrastructure bill on Tuesday morning, but the package now facing disassembly in the house before he can land on the president’s desk. (And if so, Bill Gates promises to donate $ 1.5 billion to the climate crisis.) While the infrastructure law provides for the allocation of $ 110 billion for roads, bridges and other transportation projects – a plus brilliant investment on public transport – it can also deprive struggling small businesses of much-needed retention loans as the number of cases of Covid-19 Delta infection increases. Meanwhile, Senate Democrats also approved a $ 3.5 trillion budget proposal covering one-stop preschool, free community college, new federal health care program and more.

Patience forever

As the heatwave envelops the US and consumer confidence is cooling, student loans have a chance to catch fire again. Biden has just issued an executive order extending the federal student loan deferral until the end of January 2022.that’s what relief means for your debt for education… More changes may be on the horizon, with the Ministry of Education recently announcing a schedule of public hearings on an agreed rule-making process. “Rewrite the rules” governing major federal student loan programs… After two major student loan service providers announced their closure, the Consumer Financial Protection Bureau warns of lingering uncertainty ahead. for over 10 million affected borrowers… And some credit card news: PayPal holders
PYPL
-owning Venmo card is now eligible for convert cashback rewards to cryptocurrency (is free).

Dangers to private equity

Major stock indices jumped to new heights after the Senate gave the green light to the infrastructure package on Tuesday, while renewed optimism about bitcoin boosted the aggregate value world cryptocurrencies up to 2 trillion dollars Wednesday afternoon for the first time in nearly three months. A new climate report released Monday, described by the UN Secretary General as a “red code for humanity”, could stimulate a surge in sustainable investment… Finally, Forbes the magazine’s latest investigation sheds light on empty promises and huge fees. private equity in a lousy investment for wealthy clients of brokers

The disappearance of taxes on death

As federal property taxes rise looming, Iowa has become the last state abandon the so-called death tax (aka inheritance tax), leaving only five states with inheritance tax and 11 states with inheritance tax. Most Gen Z are just entering adulthood, but they should still be understand and prepare to pay inheritance taxes… Spooky non-fungible tokens (NFT) can prove a cash cow to the IRScreating multiple tax events for both NFT creators and traders. While Senate Democrats recently approved a $ 3.5 trillion budget base that provides higher taxes for the rich, it can also give the rich some respite by being exempted from the current $ 10,000 SALT deduction cap, so if you live in the state with a high income tax, deferral of payment of state income tax from September 15 until January 2022 may pay off.

Are the golden years still shining?

To the detriment of older workers and the economy in general, ageism still thrives in the workplace… New sobering report highlights hypocrisy of some hiring managers who are hesitant to hire employees over the age of 45, despite the fact that 87% of these employees match or exceed their peers ten years younger. Congressional Democrats Offer More Funds for Nursing Homes in exchange for significant personnel reform… Great news for retirees receiving Social Security benefits: In 2022, benefits will grow by about 6.1%. largest upward adjustment since 1983

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